TheNewsGuru

Tag: Revenue

  • English Premier League records profit for the 2016/2017 season

    The English Premier League clubs posted record profits last season, according to figures released by Deloitte.

    According to analysis of the clubs’ accounts for the 2016/17 season by Deloitte’s Sports Business Group, the Premier League made a collective pre-tax profit of £0.5billion, almost three times the previous record of £0.2billion in 2013/14.

    The clubs also generated a record operating profit – total revenues minus wages and other business costs, apart from transfer fees – of £1billion, double the figure for the previous season.

    The figures are a reflection of strong broadcast revenues and Financial Fair Play rules keeping wage inflation under control.

    Wages did rise across the league by nine per cent to a new record of £2.5billion, but overall revenue rose 25 per cent.

    This means clubs spent only 23p of every additional £1 earned on wages – a degree of restraint that enabled all 20 clubs to make operating profits and 18 of 20 to record pre-tax profits.

    Overall, the earnings-to-wages ratio, a key indicator of a company’s financial viability, fell from 63 per cent to 55 per cent, the lowest for nearly 20 years.

    In a statement, Dan Jones, the head of Deloitte’s Sports Business Group, said the increase in revenue was a result of last season being the first of the current three-year domestic deal with BT and Sky, which is worth more than £5.1billion.

    Jones said the increase in wages was “nowhere near the level of revenue growth” and this “reflects both the extent of [the Premier League’s] financial advantage over other leagues and the impact of domestic and European cost control measures”.

    Deloitte also noted that the clubs have made collective pre-tax profits in three of the last four years – a trend it believes will continue.

    The figures do not include transfer costs, which for accounting purposes are spread over the length of a player’s contract.

    The price of talent continues to rise but Deloitte believes Premier League clubs can afford it and are likely to spend heavily again.

    Sports Business Group senior consultant Tim Bridge said: “We have already seen some clubs utilising their significant revenue increases, with a record £1.9billion spent on transfers in the 2017/18 season.

    “We may again see similar levels of spending in the coming season, with the World Cup providing the perfect shop window for talent, but expenditure remains well within the means of clubs.”

    Sky Sports

  • FIRS records 4m new taxpayers, N700m revenue increase in 2017

    The Chairman, Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, said the Service recorded four million new taxpayers, including companies and individuals, resulting in N700 billion increase in revenue in 2017.

    Fowler said this at the 13th General Assembly of the West African Tax Administration Forum (WATAF) with the theme: “Enhancing the Revenue Potential of West Africa” held on Wednesday in Abuja.

    The chairman said in the past two years, the Service had increased its use of ICT to facilitate taxpayers’ compliance.

    He also said the service introduced initiatives to improve inter-agency collaboration with a view to enhancing tax administration and reducing tax revenue leakages.

    “Our efforts in this regard have made an impact and contributed to an increase in the number of taxpayers by an additional four million, including companies and individuals.

    “We recorded an increase of over N700 billion in tax revenues in 2017, above the taxes collected in 2016,” Fowler said.

    He said the launch of WATAF marked its formal entry into the ranks of similar organisations focused on international collaboration in tax matters, having attained the statutory requirements spelt out in the WATAF Agreement.

    Fowler said this marked a new dawn in the consolidation of WATAF collective aspiration to improve the standard of living of its people through effective mobilisation of available domestic tax revenue.

    “Now, West Africa has a platform for countries to collaborate in tax matters supported by their governments and a forum to articulate and project West African perspective in tax administration in the global tax arena.

    “We all are aware that the business community is setting up processes and structures which our legal and tax regimes did not contemplate and are struggling to keep up with.

    “Nowadays, trade and commerce have become borderless, especially with the advent of e-commerce, hybrid financial instruments coupled with the sophistication and ingenuity of the army of tax advisors.

    “At the receiving end are the host country and its nationals, whose governments are losing revenues that ought to have been put to use for development.

    “This further brings about stagnated growth, under development and other attendant ills in our countries,’’ he said.

    Fowler said against this backdrop, it was pertinent for tax administrators in West Africa to re-strategise to live up to their mandate.

    The Chairman of WATAF, Mrs Elfrieda Tamba, said the aim of WATAF was to bring tax administrators within the region together to share knowledge, interact and share experiences in order to better tax administration in the region.

    Tamba said countries must strengthen their capacity for sustainable development and how to use fund for sustainable development.

    “WATAF so far has consolidated its legal status, today we are celebrating the official launch of WATAF as a solid legal entity, fully empowered to engage in negotiation to enter contracts, to sue and be sued.

    “Today, WATAF has concluded all the necessary requirements to fulfill its objectives and honour the agreement to be an international origination.

    “This is important as we deal with international organsations, they will want to know WATAF legal status, and so this is a fulfillment of our own agreement and that goal has be met,’’ Tamba said.

  • Federation revenue declines as federal, state, LGs share N635.55bn in January

    Federation revenue declines as federal, state, LGs share N635.55bn in January

    The Federal, States and Local Governments on Thursday shared N635.55 billion as revenue generated in January which showed a decline of N19.6 billion when compared to what was generated in December.

    The Accountant-General of the Federation, Ahmed Idris, while briefing journalists in Abuja on the outcome of the monthly FAAC meeting, highlighted several factors that impacted negatively on the month’s income.

    “Operational challenges caused a decrease in crude oil export by 0.36 million barrels which reduced revenue from export sales for the federation by 113.86 million dollars.

    “However, the average price of crude oil increased from 56.83 dollars to 57.71 dollars per barrel during the period.

    “Other major issues that impacted negatively on operations were the shut-ins and shut-downs of production at various terminals for repairs and the Force Majeure declared at Bonny Terminals,” he said.

    Idris said that the income from Petroleum Profit Tax and Companies Income Tax also decreased in the month under review.

    He said that there was however, significant increase from oil royalty, Value Added Tax (VAT) while revenues from Import Duty increased marginally.

    Giving a breakdown of the revenue generated, Mr. Idris said that N404.79 billion was generated as mineral revenue while N134.11 billion came from non-mineral revenue.

    To this end, Idris said that federal government received N249.3 billion, States, N126.48 billion and the Local Governments, N97.51 billion.

    He said that N52.04 billion was also shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of January.

    Idris said the balance in the Excess Crude Account (ECA) still remained 2.317 billion dollars while the balance in the Excess Petroleum Profit Tax account stood at 133 million dollars.

  • NPA declares N300bn revenue in 2017

    The Nigerian Ports Authority (NPA) on Tuesday declared a total revenue of N299.56bn for the 2017 fiscal year.

    According to a statement issued by the General Manager, Corporate and Strategic Communications, NPA, Mr. Abdullahi Goje, the 2017 revenue exceeded the previous year’s N162.20bn by 84.65% and was the highest generated by the agency in the past 5 years.

    The statement gave a breakdown of the revenue generation in the past five years: with the NPA making the sum of N154.50bn in 2013, this increased to N159.30bn and N180.50bn in 2014 and 2015, respectively. The agency’s revenue, however, dropped to N162.20bn in 2016.

    It noted that the 2017 figure was made up of revenues from traffic, harbours, administrative and other sources in the sums of N136.04bn, N66.80bn, N86.06bn and N10.75bn, respectively.

  • NPA generates N299.5bn revenue in 2017

    NPA generates N299.5bn revenue in 2017

    The Nigerian Ports Authority has generated N299.5 billion revenue in 2017, General Manager, Corporate and Strategic Communications, Alhaji Abdullahi Goje, said in a a statement Tuesday in Lagos.

    He said that the figure exceeded the N162.2 billion generated in 2016 by 84.65 percent.

    Goje added that the 2017 figure was the highest generated revenue by the Authority in the past five years.

    “In 2013, the NPA generated the sum of N154.50 billion. This increased to N159.30 billion and N180.50 billion in 2014 and 2015 respectively.

    “The Authority’s revenue however dropped to N162.20 billion in 2016.

    “The 2017 figure declared by the Authority is made up of revenues from traffic, harbors, administrative and other sources of the sum of N136.04 billion, N66.80 billion, N86.06 billion and N10.75 billion respectively, ” he said.

     

  • Delta Govt takes measures to boost revenue from taxes

    Delta Govt takes measures to boost revenue from taxes

    Chief David Edevbie, the Delta Commissioner for Finance, says the state’s decision to harmonise taxes and reduce tax consultants is to improve accountability and boost revenue from taxes.

    Edevbie made this known in an interview with the News Agency of Nigeria in Asaba on Tuesday.

    He said that the adoption of Electronic Treasury Receipt was helpful in eliminating time lags and minimising leakages of funds in revenue collection process.

    Edevbie said that the state government was beginning to focus on the informal sector/unregulated economy, especially the micro informal sector.

    According to him, with the introduction of presumption tax more than 500,000 people have been captured into the tax net from the informal sector.

    “In addition, there was tremendous improvement in revenue from land charges which increased in excess of 600 per cent in 2017.

    “Once all these reforms are institutionalised and sustained, there should be significant growth in the state’s aggregate tax collections,“he said.

    Edevbie was optimistic that the 2018 budget would be better implemented.

    “The funding challenges that were faced in the 2017 budget have reduced as monthly statutory allocations are on the rise, “ he said.

     

  • NNPC not sincere in oil revenue remittances — Governors’ Forum

    The Nigeria Governors Forum, NGF, has accused the Nigerian National Petroleum Corporation, NNPC, of shortchanging Nigerians in its remittances to the Federation Account for over five years.

    The Forum said at the time of high global oil prices that averaged $110 per barrel, NNPC’s remittances to the Federation Account did not reflect the high revenue earnings from oil exports.

    NGF Chairman and Governor of Zamfara State, Abdulaziz Yari, told State House correspondents on Friday that the issue was raised during a meeting with President Muhammadu Buhari at the Presidential Villa, Abuja.

    “The meeting is on the decision of the National Economic Council, NEC, that the seven-man committee was established to engage the NNPC and discuss a way forward, so that we can resolve outstanding issues, most especially on remittances to the Federation Account,” he said.

    Governor Yari said the committee was in the State House to brief the president on the outcome of its meeting with the NNPC on Wednesday to reconcile the records.

    He said one of the things the committee discussed with President was how NNPC was paying the Joint Venture cash call in four batches.

    “We have seen that what is being remitted to the Federation Account for the entire people of Nigeria is lower and what is being paid for the Cash Call Joint Venture is higher than what is going to the Federation Account,” Mr. Yari said.

    The governor said the NGF and the NEC were concerned about this and had to ask the committee to engage with the NNPC to discuss a way forward.

    “So the explanation of the NNPC on why the Federation Account is always low is because they are making dual payments, consisting the existing and the arrears of the cash call,” he said.

    He said the committee had during the meeting with the NNPC fine-tune how best to go about it and get partners to understand where they are.

    The governor said reconciliation of the records was important especially now that the country is slightly out of recession, and with oil prices picking up again.

  • FAAC: FG, States, LGs share N655bn revenue in December

    The federal and the other tiers of government on Tuesday shared a total of N655.177 billion as revenue that accrued to the Federation Account and proceeds of the Value Added Tax in December 2017.

    The money was shared at Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday. Addressing journalists at the end of the meeting, the Minister of Finance, Mrs. Kemi Adeosun, said that N540.446 billion.

    The federal government got N252.543 billion, states, N128.093 billion, local governments got N98.755 billion while N47.738 billion was shelled out as 13 per cent derivation to oil producing states.

    Also another N80.604 billion was from proceeds of Value Added Tax (VAT), with the federal government receiving N13.091 billion, state governments, N40.302 billion and local governments N28.211 billion.

    The statutory allocation of N540.446 billion, excluding VAT, received for the month was lower than the N549.533 billion received in the previous month by N9.087 billion.

    The minister, according to the News Agency of Nigeria (NAN), explained that the decrease in crude oil exports by 0.59 million barrels resulted in decreased revenues from export sales of $11.65 million.

    Adeosun disclosed that the accruals into the Excess Crude Account (ECA) still stood at $2.317 billion.
    In his remarks after the meeting, the chairman of Finance Commissioners’ Forum, Alhaji Mahmoud Yunusa, said states were cutting costs in line with economic realities.

     

  • Nigeria Customs sets N1.3 trillion 2018 revenue target

    The Public Relations Officer of the Nigeria Customs Service, NCS, Joseph Attah, has said the service had set N1.3 trillion revenue target for 2018.

    Mr. Attah told newsmen on Sunday in Abuja that the Service recorded its highest revenue collection ever of over N1 trillion as against N770 billion targeted in 2017.

    He said that this was contrary to the speculation by a section of the media that the Service had fixed N1.5 trillion target for 2018.

    “As we speak, we (Customs) await the federal government official revenue target for the service; but we have already fixed N1.3 trillion for 2018.

    “And that automatically, puts a line to those who have gone to say that we have fixed N1.5 trillion; nobody was quoted has a source for that section of the media,’’ Mr. Attah said.

    He, however, said that the NCS was still awaiting the federal government’s 2018 target.

    According to him,“with the improved Pre-Arrival Assessment Report (PAAR) and expected new vehicles to its freight, the Service looked forward to a strengthened logistics that would make anti-smuggling operations stronger and more sustainable this year.”

    He said this would enable it to enforce compliance and hopefully get the target.

     

  • Revenue: Gov. Wike advocates synergy with FRSC

    Gov. Nyesom Wike of Rivers on Friday said the synergy between the Federal Road Safety Corps (FRSC) and the Rivers State Government has improved the revenue base of the state.

    The governor, who made the assertion when Dr Boboye Oyeyemi, the Corps Marshall of the FRSC paid him a courtesy call in Port Harcourt, noted that the synergy between the two organs had been productive.

    Wike directed the Secretary to the State Government to liaise with the State Internal Revenue Service to provide office accommodation for the FRSC Number Plate Production Team.

    He also directed the Works and Transport Commissioners to collaborate with the corps to produce road signs for safety on the roads.

    “I believe that the FRSC is doing quite well, it is because the FRSC is doing well that the accident level has reduced,’’ he added.

    “It is also necessary for the FRSC to embark on public enlightenment to encourage drivers and road users to respect traffic rules,” Wike said.

    Oyeyemi had earlier hailed the governor for making the job of the corps easy through massive road construction and rehabilitation.

    The FRSC chief advocated for increased collaboration with the Rivers Government in the areas of number plate production and the erection of road signs across major roads in the state.

    He said an effective collaboration between the two organs would boost internally generated revenue for the state.

    The corps marshal said that before the end of the first quarter of 2018, the FRSC would establish license production offices in Ahoada and Bonny in the state.